Monday, March 31, 2014

Continuing holding Gold in yen and euro terms

Prisoners were not taken yesterday as gold, silver and platinum came under pressure, with only the ‘Russian sanctioned’ prospects for palladium keeping that metal firm. We, however, have no intention of changing our positions: we are long of gold in yen and euro terms and we shall remain that way.

Certainly we would prefer seeing gold trading better, but the fact that it has held the $1,300 level [and] well above its lows made months ago in yen terms, and has even held above the more recently lows made in euro terms, has impressed us and should impress others.